Skys and Nmaycock, thanks for the thoughtful responses. I'm still trying to work this out to my satisfaction as a shareholder. That other poster who just keeps posting links and Edgar docs isn't helping, and I think doesn't understand the issue himself.

It seems that the JV has to do with just a claim area. Within that claim area Liberty is required to transfer a predetermined number of targets. But it seems it can choose those targets (as the vote by the board indicates). So, my question is really, why transfer THIS target? This is of course all about what adds the most value to LBSU from our perspective.

Wouldn't it be more share price supportive if LBSU drilled out this great target themselves, rather than transfering 50% away to the JV?

And, why is Agoracom mum on this question? I posted it as a question for the company and Agoracom has not responded. They are usually much better.